The Study On The Relationship Among Corporate Social Responsibility, Media Attention And Corporate Financial Performance

With the influence of the financial goal of profit maximization, companies have been pursuing their own profits blindly in the process of production and business operation, thus ignoring the interests of stakeholders and resulting in the frequent occurrence of social responsibility absence issues. Waste oil events, clenbuterol event, poison capsule event as well as the two events-gelatin candy event and the cod liver oil incident-which were exposed by the 3 ? 15 party in 2014 caused widespread concern and strong condemnation in our society. Therefore, the study of corporate social responsibility in this context is particularly important in the hope of providing theoretical basis and intrinsic motivation for companies to fulfill their social responsibility. Based on the background mentioned above, this thesis makes a research on such aspects as how to make food companies fulfill their social responsibility consciously; what are the impacts on the financial performance if companies fulfill their social responsibility actively; and the mechanism of the process of corporate social responsibility’s influence on their financial performance.In this thesis, the author selects the related datas in 5 years of food and beverage industry A shares of listing companies from 2009-2013 as samples. With the method of combining normative research and empirical research, the author reads and sorts the domestic and foreign literature, and then divides and defines the corporate social responsibility based on the theory of corporate social responsibility, the theory of stakeholders, asymmetric information theory and contextual performance theory. At the same time, we make a theoretical analysis of the influence of corporate social responsibility on financial performance and whether media’s attention plays an intermediary role in the influence and also puts forward related hypotheses. The author then uses the multiple linear regression method to test and verify the related hypotheses and obtain the research findings. After this study, the author founds that: the social responsibility of the companies of food and beverage industry A shares of the listing corporation has a significant positive effect on their financial performance; corporate social responsibility has a significant positive effect on the media attention; the media attention has a significant positive effect on corporate financial performance; media attention plays some intermediary role in the influence of corporate social responsibility on financial performance. In this thesis, the author uses the software of Excel and SPSS17.0 to process datas.